Conventional and FHA Rehab loans, also known as 203k rehab loans, are used to finance the renovation of homes and their related properties.
Conventional Rehab Loan
Conventional Rehab Loans finance owner-occupied first homes, second homes, and investment properties. These loan types finance the rehabilitation of approved properties and typically require a higher credit score and a down payment of as little as 5%.
Loan recipients may choose from either a 15 or 30-year mortgage term, and home appraisals are performed before and after the renovations have been completed.
Conventional Rehab Loan Details
- Purchase and Refinance
- $726,200 Max Loan Amount
- 15 or 30-year terms
- For primary, secondary, and investment property
FHA Rehab Loan
FHA Rehab home loans are used to finance owner-occupied first homes and typically require a 3.5% down payment. FHA rehab loans are fairly flexible since the down payment requirement is so low and the loan is backed by the US Government, and the term for these loan types is typically 30 years.
FHA Rehab Loan Details
- Purchase and Refinance
- $472,030 Max Loan Amount
- For primary homes
- Low down payment
- 30-year term
If you are interested in applying for a Conventional or FHA Rehab Home Loan with The Mortgage Firm North Central Florida, make sure to view our loan checklist and contact us with any further questions!